Arizona Correction to Oil and Gas Lease As to Land Description

State:
Multi-State
Control #:
US-OG-336
Format:
Word; 
Rich Text
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Description

This form is used when the Lessors and Lessee amend the Lease by incorporating into it the stated named terms, as if they were originally contained in the Lease.

Arizona Correction to Oil and Gas Lease As to Land Description is a legal document that is used to amend or correct the land description section of an existing oil and gas lease in Arizona. This document is crucial in ensuring that the lease accurately reflects the specific locations and boundaries of the land involved. The purpose of this correction is to rectify any errors, discrepancies, or incomplete information regarding the land description, thus preventing potential disputes or confusion in the future. It is essential for both parties — the lessor (landowner) and the lessee (oil and gas company) — to have an accurate understanding of the leased premises. Different types of Arizona Correction to Oil and Gas Lease As to Land Description include: 1. Correcting Errors: This type of correction is necessary when there are mistakes in the original lease's land description. It could involve errors in survey measurements, missing details, incorrect boundaries, or the omission of crucial information. 2. Expanding or Reducing Lease Area: In some cases, the lessor or lessee may want to modify the lease area by either expanding or reducing it. This correction is required to reflect the updated boundaries accurately. 3. Clarifying Land Description: Certain circumstances may require additional clarity in the land description section of the lease. This could involve providing more specific details about the location, boundaries, or any unique features of the land. 4. Revising Legal Description: Occasionally, a change in the legal description of the land may occur due to factors like property subdivisions, mergers, or other legal procedures. This correction ensures that the lease accurately reflects the updated legal description. 5. Addressing Zoning or Permitting Changes: If there are significant changes in zoning regulations or permits affecting the leased premises, the land description may need to be modified accordingly. This typically occurs when regulatory or legal requirements impact the use of the land for oil and gas operations. To complete the Arizona Correction to Oil and Gas Lease As to Land Description, both the lessor and lessee must review, agree upon, and sign the corrected document. It is also advisable to involve legal professionals to ensure compliance with applicable laws and regulations. In summary, the Arizona Correction to Oil and Gas Lease As to Land Description is a vital document for rectifying any land description discrepancies or errors in existing oil and gas leases. It ensures accuracy, transparency, and clarity in the lease agreement between the lessor and lessee.

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FAQ

The oil and gas business; assignments are the documents used. to accomplish transfers of lease rights .1./ Although the. common form of assignment may appear to be a rather simple. document, the respective rights and obligations of the parties.

Oil leases are agreements between an oil and gas company known as the lessee and mineral owners known as a lessor, in which the lessor grants the lessee the permission to explore, drill, and produce those minerals for a specified period known as a primary term or as long as the minerals continue to be productive.

in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.

A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.

The period of time in the life of an oil & gas lease that begins after the expiration of the primary term. Production, operations, continuous drilling, or shut-in royalty payments are most often used to extend an oil & gas lease into its secondary term.

Royalty Rates: The royalty agreement or rate is a percentage of total revenue gotten from the sale of oil and gas, and it's always outlined in the lease agreement. The royalty percentage is usually 12.5% to 15% but can change based on regional regulations or negotiations.

What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.

An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.

Habendum Clause: Once the Primary Term expires, the habendum clause controls when the lease expires or how long it remains in effect (this lease term after the Primary Term is called the ?secondary term?).

Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.

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Arizona Correction to Oil and Gas Lease As to Land Description